Manage Your Financial Aid

Once you have accepted your financial aid offer you have responsibilities and rights associated with your aid.

It is your responsibility to know and follow the policies that you agree to when you applied for and accepted financial aid. You'll want to check your financial aid status in your student account, maintain eligibility, and ensure you meet the requirements for disbursement.

1. Confirm Your Financial Aid Offer

Read the assumptions that went into your offer: residency status, enrollment plans (full-time/half-time), and the number of terms you plan to attend this year.

Confirm your award correctly reflects any benefits, scholarships, outside awards, and other resources you will receive or think you should receive, even if it comes from another PSU department.

You must report any information about your financial resources that you have not already formally reported to the Office of Financial Aid and Scholarships. This includes any resources your spouse or parents might not have disclosed. It is imperative that PSU has current and complete information on your resources throughout the year; otherwise, you risk being over-awarded and having to repay aid.

2. Revise Your Financial Aid Award

You can submit revisions for financial aid or scholarships for a variety of reasons. You must notify PSU of any changes so that we can update your financial aid or your cost of attendance. Revisions can be made to your financial aid or cost of attendance for the following reasons:

  • Change of grade level
  • Accepting previously declined loans
  • Decreasing previously accepted but not yet disbursed loans
  • Involuntary loss of income by parent or student
  • Out-of-the-ordinary expenses such as medical and childcare costs
  • Cost of a computer
  • Tuition in excess of your financial aid budget

What if My Financial Aid is Not Enough?

Your financial aid offer is based on your financial information from two years ago, and a lot can happen in two years. If you, your parents, or your spouse have lost a job, experienced reduced income, or your financial situation has dramatically changed, contact the Financial Aid Office to see if they can recalculate your eligibility.

You will need to provide a signed written statement and additional documentation of your economic hardship, like W-2s or proof of employment benefits. You can also request an increase to your student loan eligibility by filing the . This may be a good option for students who are in programs with differential tuition or increased course fees.

If you have already taken out Federal Direct Student Loans, you may be eligible for alternative student loans. These loans may not come with many of the protections available to Federal Borrowers. We strongly encourage you to take out any and all Federal Direct Student Loans prior to any private student loans.

Summer Term Financial Aid

PSU does offer some limited financial aid for summer term. You must . You must be enrolled in all of your summer classes by the end of the second week of the term, even if your courses don’t start for several weeks. If you enroll after the end of the second week, you may not receive enough financial aid and will be required to cover the balance using other resources.

3. Receive and Adjust Your Financial Aid

You will usually receive your financial aid 10 days before the beginning of the term. When these funds are disbursed, they are first applied to your account. Once your tuition, fees, and any other charges have been paid, you will receive the remaining balance. Most students receive their funds through an electronic funds transfer in one to three business days.

If it is within 10 days of the start of the term and you have not received your financial aid disbursement, contact Financial Aid.

4. Maintain Your Eligibility

Now that you’ve received your financial aid, you’ll want to make sure that you keep it. We call this maintaining eligibility. And your best bet for staying eligible is to learn as much as possible about the aid you receive and do everything you can to keep it.

This includes making Satisfactory Academic Progress every term that you enroll, ensuring credits from other schools can be counted toward your enrollment, and staying focused.

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